Major shareholders are pushing AMP chairman Debra Hazelton to hasten a spin-off of AMP Capital and vaporise $160 million in annual head office costs, leading the board to put chief executive Francesco De Ferrari’s leadership on the chopping block next week.

After the market and Mr De Ferrari himself were blindsided when The Australian Financial Review broke news of his impending departure on Thursday, it has emerged that shareholders frustrated at the slow pace of change at the firm have been pushing for more dramatic change.